U.S. Anesthesia Partners ("USAP"), an anesthesia-focused physician
services organization backed by Welsh, Carson, Anderson & Stowe
("WCAS"), and Greater Houston Anesthesiology P.A. ("GHA"), today
announced the signing of definitive agreements to enter into a
partnership through which GHA will serve as USAP's cornerstone
affiliated practice. As part of the transaction, USAP will also acquire
the assets of GHA that provide practice management and business support
services.

Founded in 1996, GHA is one of the largest single-market private
practice anesthesia groups in the country, employing more than 400
anesthesia providers who perform approximately 250,000 cases annually in
all areas of anesthesiology, including cardiovascular, neurosurgery,
obstetrics, orthopedics, pediatrics, transplant and acute and chronic
pain management. GHA is the primary anesthesia provider for over 40
medical facilities in Houston and Austin.

Working together with its new physician partners, USAP will support
GHA's growth plans and its position as a leading provider of quality
anesthesia and perioperative care services. A key component of the USAP
strategy is to invest in IT systems that will drive efficiencies in
provider workflow and the management of perioperative care services. GHA
will continue to be led by its current physicians and local management
team, and GHA's physician partners will become significant equity owners
in USAP upon the closing of the transaction.

"We believe GHA is the ideal practice to partner with, forming the
cornerstone of our new physician services organization dedicated to
providing patients, hospitals and surgeons with the best anesthesia and
perioperative care and services available," said Kristen Bratberg, Chief
Executive Officer of USAP. "We truly admire what GHA has accomplished,
and we look forward to working closely with WCAS to evaluate additional
partnership opportunities with practices in Texas and across the U.S.
that are a part of the $20 billion anesthesia market."

"At GHA, we are constantly looking for ways to enhance the level of care
and service we provide our patients and hospital clients. Sixteen years
ago, Greater Houston Anesthesiology was formed to meet that challenge.
In tday's market, partnering with USAP provides GHA with a unique
opportunity to take the next step by allowing our organization to
improve our operations and expand our service offerings with a superb
management team," said Gary Flores MD, President, Greater Houston
Anesthesiology.

"This investment is consistent with our proven strategy of partnering
with world-class clinicians and management teams to create leading
healthcare services franchises," said Brian Regan, a General Partner at
WCAS. "USAP and GHA fit perfectly with our long history of sponsoring
innovative companies like United Surgical Partners, US Oncology, EmCare
and Smile Brands."

"This new partnership represents the next step in a quest to provide
high quality anesthesia services in a rapidly changing healthcare
environment. Just as GHA was built on a commitment to our patients,
surgeons and hospitals, USAP will take this preeminent model of care to
a new and higher level," said John Zerwas, MD, founding member and
former President of GHA. Dr. Zerwas will be joining the USAP board of
directors in addition to his role as a Texas State Representative and
the current President of the American Society of Anesthesiologists.

The partnership agreement, which was approved by GHA's Board of
Directors and shareholders, is subject to customary closing conditions,
and is expected to close by year-end.

U.S. Anesthesia Partners is a single-specialty physician services
organization that offers practice management services to
anesthesiologists. It was recently formed by WCAS and members of
management to identify and partner with leading, quality groups of
anesthesiologists who seek a strategic partner with the capital
resources and expertise to invest in their practice support
infrastructure and position them for continued success and growth within
their markets. Key elements of USAP's business model are its
single-specialty focus and its ability to offer anesthesiologists equity
ownership in USAP. Please visit www.usanesthesiapartners.com
to learn more.

About Greater Houston Anesthesiology, P.A.

Since 1996, Greater Houston Anesthesiology, P.A., a private practice,
has provided leading anesthesiology services for major medical
facilities in, and surrounding, Houston, Texas and recently expanded its
services into the Austin market. GHA is one of the largest anesthesia
groups in the country, employing over 400 anesthesia providers,
including approximately 220 physicians. In order to uphold GHA's
reputation of quality, each GHA anesthesiologist holds and maintains a
license to practice medicine in the state of Texas and is Board
Certified or Board Eligible. It is GHA's policy that all anesthesia
providers are ACLS certified.

GHA anesthesia providers perform approximately 250,000 cases annually in
all areas of anesthesiology, including cardiovascular, neurosurgery,
obstetrics, orthopedics, pediatrics, transplant and acute pain
management. GHA is the primary anesthesia provider for over 40 medical
facilities in the greater Houston area. The practice environments
include the leading hospitals in the world's largest medical center,
community medical centers, surgery centers and surgeons' offices across
the greater Houston area.

About Welsh, Carson, Anderson & Stowe

Welsh, Carson, Anderson & Stowe focuses its investment activity in two
target industries: healthcare and information/business services. Since
its founding in 1979, the Firm has organized 15 limited partnerships
with total capital of $20 billion. The Firm is currently investing an
equity fund, Welsh, Carson, Anderson & Stowe XI, L.P. See www.welshcarson.com
to learn more.